Research Report on ATM Outsourcing Services Market for Exploring Various Growth Dimensions

 ATM Outsourcing Services: 

• ATM outsourcing enables financial institutions to delegate with ATM Outsourcing Service market providers for ATM installation and management services.
• Outsourcing ATM services is cost effective and allows bank banks to focus on enhancing in-branch experience. In the past few years, more banks have been adopting ATM outsourcing.
• Increasing cases of COVID-19 across the globe resulted in increase in the usage of ATM instead of banks for basic services like cash withdrawal and deposits. Moreover, other services were also introduced in ATMs to avoid banks visitations.
• Digital financial transactions were promoted during the times of COVID-19 by allowing free of charge cash withdrawal from ATMs.

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Impact of COVID-19 on ATM Outsourcing Services

• Covid-19 has transformed the banking and finance industry forcing them to use digital mediums to reduce interaction and crowding of customers in banks.
• Due to Covid-19, it became difficult for banks to manage ATMs and in-branch service with less manpower. Hence, this increased demand for ATM outsourcing services.
• Technological advancement has enabled ATMs with better features and services and reducing the chances of transmitting Covid-19 viruses, hence making technological advancement essential and necessary.
• ATMs outsourcing services have projected rise in the forecasted period due to the COVID pandemic.

ATM Outsourcing Services: Key drivers

• Constant advancement in technology and compliance makes it difficult for financial institutions to set up and maintain ATM. Especially in regions that are not easily accessible, outsourcing the installation and management services makes it easier for banks to provide good service and focus on other in-branch services.
• Apart from cash withdrawal and checking account balance, ATMs offer multiple facilities like opening or withdrawing fixed deposits, paying insurance premium, applying for personal loan, transfer cash etc.
• ATMs can be accessed and operated easily without assistance, thus making it more appealing and convenient.
• ATM outsourcing services manage ATM facilities and ensure their smooth operation.

ATM Outsourcing Services: Opportunities and Restraints

• ATM outsourcing eliminates allows bank to focus on other services provided by bank by maintaining and following technological updates and regulatory compliance.
• Usage of digital payments like net banking, digital wallets and card payments affects the need of ATM for cash withdrawal, this reduces the need for banks to hire ATM outsourcing services for ATM management and other services.

Key Players

Companies are constantly innovating and trying new methods to enhance the services provided in ATM. In the past decade ATMs have evolved from just cash withdrawal machines to an extensive service provider. Manufacturers are focusing on making the machines easy to operate and compact in order to enable their use in not only developed countries but also in developing countries.

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Key Players in ATM Outsourcing Services

• Dolphin Debit Access

Houston based ATM outsourcing service provider, Dolphin Debit was founded in 2005. It provides services for hundreds of financial institutions. It acquired Outsource ATM in 2019 and has also been endorsed by financial institutions. It has recently announced partnering with the Nebraska Credit Union League to increase visibility for its solutions.

• Cardtronics

Cardtronics is a global growth company expanding ATM management and cash access to all. With approximately 285000 ATMs in 10 countries, Cardtronics is one of the largest ATM operator in the world. It was founded in 1989 and is growing to be one of the largest companies.

Key players operating in the ATM outsourcing services are:

• Sharenet
• Raya Group
• Asseco
• ATMJ
• Transaction Solutions International

ATM Outsourcing Services Market, by Type

• ATM monitoring services
• ATM operating services
• ATM full outsourcing
• Other ATM outsourcing services

ATM Outsourcing Services Market, by Application

• In-bank mode
• Off-bank mode

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